Walmart announced Tuesday the launch of its largest in-store food brand in 20 years in terms of item lineup, as it seeks to attract younger customers who are not brand loyal and want foods inspired by chefs and at more affordable prices.
The brand, called Bettergoods, is just hitting Walmart stores and online. By this fall, there will be 300 products, including frozen foods, dairy, snacks, drinks, pastas, soups, coffee and chocolate, among others, the retailer said. Prices range from under $2 to under $15, with most products available for under $5.
The launch by the country’s largest retailer comes as inflation has pushed shoppers to seek cheaper alternatives, increasing the popularity of private labels. Private labels in the food and beverage sector accounted for nearly 26% of the overall market share of units sold in this category last year, up from 24.7% the year before, according to the market research firm Circana. This compares to 74.5% for national brands last year, up from 75.3% in 2022.
Walmart’s competitors, including Target, have also expanded their store labels in the grocery space.
“As an industry, we are seeing younger customers being more brand agnostic, prioritizing quality and value, and driving increased interest in private labels,” said Scott Morris, vice -senior president of private brands, food and consumables at Walmart.
NBC Chicago
